Tips for Comparing Public Liability Insurance Quotes

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Public liability insurance can protect your business against claims and legal costs arising from damages to a third party caused by your business.

The coverage is recommended for all Australian small businesses and is crucial if your business engages with visitors or customers on their premises, your office or factory, or a work site.

Buying public liability insurance is easy. You can buy the cover online, contact an insurance company directly or use a business insurance broker.

It is wise to comparepublic liability insurance quotes available from different providers carefully and choose one that is suitable for your business activities. 

It can be challenging for small business owners to compare and understand the differences in the detail of various public liability insurancepolicies. This may be because of the sheer size of the PDS’s, technical jargon used and varying inclusions, limits, and prices across the insurers. 

Therefore, thoughtful interpretation and comparison of public liability quotes is required. 

Obtain several different quotes to compare policies to see which is best suited to your requirements or alternatively work with an business insurance broker who understands your needs and will shop around for the best combination of cover and price for you. 

Here’s how…

Shop Around for Quotes:

First, if you are in a common industry, you or your broker should typically look at least 4-5 insurance quotes. Review the quotes against each other to know what they cover at what price.

Check Inclusions and Exclusions:

Each policy lists its inclusions (covered events) and exclusions (events that won’t be covered). Your or your business insurance broker should review these items carefully as they determine the terms for your coverage. For example, when assessing public liability quotes, you will want to check the level of coverage, excesses,and exclusions each policy offers.

Choose a Policy that can be scaled with Your Business:

When you compare public liability insurance quotes, its preferable if the policy you choose can grow with your business.

Business growth might occur in different forms such as additional staff, new machinery, new services, or new locations. The growth of your business might affect your insurance requirements, and it is ideal if you can easily add these extra requirements to your policy as required during the period of cover for an additional fee.

So, when comparing limits, inclusions, limits, leave a little room that can account for growth in your business size and assets.

Understanding How Cost is Determined:

The cost of public liability insurance for your business is determined by key factors, including the nature and scope of your business; your business turnover and size; and the amount of insurance cover your business requires. 

Generally, the riskier the industry you operate in, the higher the cost of your premium. 

For example, trades such as electricians and plumbers pose a relatively high liability riskand attract high public liability premiums. However, office-based risks such as bookkeepers and business consultants have relatively low liability risk and premiums.

Discuss Things with Your Business Insurance Broker:

If things are still unclear due to technical jargon or confusion, it is recommended you work with your business insurance agent. They can help you make informed decisions and educate you on the comparison process. 

Approach your business insurance broker when you need to…

  • Understand insurance jargon. 
  • Want to know what is in the liability PDS
  • Review cover
  • Shop for suitable cover and price combination
  • Review your needs.
  • Make a decision. 

Disclaimer :

*Important: Cover may be available subject to meeting insurers underwriting criteria. Some of the covers listed may or may not be available or may have limitations or exclusions. Cover inclusions vary significantly from insurer to insurer. DO NOT rely upon the above. Check your policy schedule carefully for inclusions and exclusions and limitations. Talk to a business insurance broker for more information.